Colorado AG, Foreclosure Avoidance Groups Reach Agreement

Posted by Orb Staff on January 13, 2009 No Comments
Categories : Mortgage Servicing

Colorado Attorney General John Suthers has reached agreements with two companies that unlawfully collected money up front prior to performing any foreclosure avoidance service, the Associated Press reports.

Castle Rock, Colo.-based Hawk Financial Services has agreed to pay back $26,500 in fees collected from 31 customers, while Infinity Funding Group of Bohemia, N.Y., has greed to refund one customer's payment of $3,500.

Additionally, Colorado Executive Mortgage of Centennial has agreed to stop advertising teaser rates for adjustable-rate mortgages. Suthers says the rates appeared to be fixed for five years but were in fact only one-month rates.

SOURCE: Associated Press

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